Re: Oil at $117/barrel, Saudi Arabia "not interested" in increasing production
In 1976-80, our country had started a serious effort towards energy independence. The White House had solar collectors; there were serious efforts at using shale oil; and the national speed limit was 55 miles per hour. Then OPEC decided to drop the price of oil.
In 1981, the solar collectors were removed and within a very short period of time, the energy programs were disassembled. It took serious competition, a national commitment, to get OPEC to reassess the price of oil.
Competition, effective competition, is the only answer to high oil that I know works. But that means we, the voters, have to decide at the ballot box who we will send to government and in our purchases, profitability. Beware, there are many willing to make claims in the market place that have little or no relationship to reality.
Bob Wilson
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